Stock-Price-Based M&A Performance Evaluation of the A-H Dual-Listed Acquirers-- Based on China's A-Share Stock Market and Hong Kong Stock Market

Sammanfattning: Using the data from A-share market and H-share market during 2014 - 2017, this thesis mainly analyzes how stock returns of the acquirers changed before and after the M&A announcements and how the changes were linked to the selected impact factors, such as dual listing, payment method, controlling position or minor position, overseas or domestic, etc. The main method is to use event study method and CAPM to calculate the excess returns of the acquires during M&A event window, then do regression of the impact factors on excess returns. After analyzing the results, we conclude that nearly both A-H dual-listed acquired and non- dual-listed acquirers in our sample pool had positive actual and excess returns during the pre- five-days event window and post-five-days event window. In terms of impact factors, using cash as payment methods may negatively affect the excess returns of the acquirers and obtaining controlling position may positively affect the excess returns of the acquirers. Other impact factors such as dual listing and overseas are not statistically significant on excess returns of the acquirers.